Puget Energy — Debt Investor Presentation (2026)
33 slides from Puget Energy's debt investor presentation, Sep 10, 2026
Slide 1: Puget Energy Fixed Income Investor Presentation Spring 2026
Puget Energy Fixed Income Investor Presentation Spring 2026
Slide 2: Cautionary Statement
Cautionary Statement Information Current as of February 19, 2026 (except as expressly noted) Except as expressly noted, the information in this presentation is current as of February 19, 2026 – the date on which Puget Energy, Inc. (“PE”) and Puget Sound Energy, Inc. (“PSE” and, together with PE, “Pu
Slide 3: Company overview
Company overview 3
Slide 4: Puget Team Members
Puget Team Members Jamie Martin Jon Piliaris Cara Peterman Senior Vice President & Vice President Chief Risk Officer & Chief Financial Officer Regulatory Affairs Corporate Treasurer 4
Slide 5: Key Credit Highlights
Key Credit Highlights Pure Play Vertically Integrated Utility Trusted by Customers, Focused on Puget Energy (“PE”) owns Puget Sound Energy Affordability (“PSE”), Washington’s oldest and largest Escalent rates PSE as the number one trusted investor-owned utility, providing 99% of PE’s utility in the
Slide 6: Puget Energy Overview
Puget Energy Overview Owns Washington state’s oldest and largest electric and natural gas utility, Puget Sound Energy PSE is a regulated investor-owned utility serving 1.26M electric customers and 883K gas customers in 10 counties, covering approximately 6,000 square miles, located primarily in West
Slide 7: Puget Energy Ownership
Puget Energy Ownership Ownership %1 Owner Since Ontario Municipal Five of the six owners are pension Employees Retirement 23.9% Apr 2019 System funds British Columbia Owners review and approve PSE’s five- Investment 20.9% Feb 2009 Management year plan annually and are supportive of PSE’s capital str
Slide 8: Business updates
Business updates 8
Slide 9: 2025 was a strong year for regulatory outcomes, CETA progress, financial performance, and customer focus
2025 was a strong year for regulatory outcomes, CETA progress, financial performance, and customer focus Regulatory Clean Energy Financial Customer Outcomes Progress Performance Focus The WUTC approved more 1,372 MW PPAs for clean 2025 financial performance Nearly $290M of low-income than $1
Slide 10: 2025 Key Regulatory Proceedings
2025 Key Regulatory Proceedings 2024 General Rate Case In January 2025, the WUTC approved PSE’s General Rate Case, authorizing a $660M rate increase, representing over 80% of PSE’s request Electric CCA In July 2025, the WUTC approved recovery of obligations under the CCA that were not otherw
Slide 11: 2026 GRC Filing Key Assumptions
2026 GRC Filing Key Assumptions PSE filed its next General Rate Case on February 27, 2026; themes include: Safe and reliable energy delivery Generation investments in support of CETA and to address dispatchable capacity needs Programs to help customers most in need manage their energy burden Multi-Y
Slide 12: PSE is focused on reducing the energy cost burden in Washington State
PSE is focused on reducing the energy cost burden in Washington State PSE’s electric rates outpace peers in Washington due to the scale and pace Electric Customer: Typical Monthly Bill at 800 kWh2 of the CETA transition. Recent increases in rates include: 2026 rate year for base rates Increases in p
Slide 13: Various energy assistance programs reduce energy burden to 4.7% for recipients
Various energy assistance (EA) programs reduce energy burden (EB) to 4.7% for recipients Impact of EA on Median EB among all EA Recipients 16% 13.9% 14% 13.3% 12% Median Energy Burden 10.4% 10% 9.5% 9.0% 8.8% 7.7% 7.8% 7.9% 8% 7.4% 6.8% 7.1% 6.8% 5.5% 6.2% 6% 6% Energy 4.7% Burden Threshold 4% 2% 0%
Slide 14: Washington and PSE electric rates are lower than several large East- and West-coast utilities
Washington and PSE electric rates are lower than several large East- and West-coast utilities RESIDENTIAL ELECTRICITY PRICE BY STATE (2000-2024)1 $159.462 $253.732 $150.602 $213.522 $367.802 $166.182 $305.402 $111.462 Historic from SEDS and EIA (2000-2024) Highest average East Coast Highest average
Slide 15: Several ad campaigns are underway demonstrating the value PSE delivers
Several ad campaigns are underway demonstrating the value PSE delivers and support for lowering bills Upcoming ad campaign focuses on demonstrating the value of our Our current campaigns show customers how they can take control of their investments and communicating the work that happens behind the
Slide 16: Washington State Legislative Update
Washington State Legislative Update Current law requires PSE to submit a wildfire risk mitigation plan to the WUTC, and requires the WUTC to approve, deny, or approve with conditions investor-owned utility wildfire risk mitigation plans. PSE anticipates Wildfire Risk filing its next plan in 2026 Mit
Slide 17: Focus on achieving CETA 2030 mandates
Focus on achieving CETA 2030 mandates ≫ ≫ 2025 2030-2033 2045 Coal-free 80% clean electricity/ 100% electricity1 100% carbon neutral clean electricity NOTABLE UPDATES PSE signed PPAs representing 1,372 MW of clean energy in 2025 Completed construction of Beaver Creek Wind farm in Montana, it became
Slide 18: Wildfire Risk Overview
Wildfire Risk Overview PSE specific considerations PSE refined its high fire threat (HFT) modeling in 2025 following continued deployment of Technosylva wildfire risk models, which integrated new fuels and weather data PSE risk assessment also included ingress/egress considerations, field feedback a
Slide 19: 2026 Wildfire Risk Management Select Areas of Focus
2026 Wildfire Risk Management Select Areas of Focus Annual static risk model (HFT Index) Annual wildfire risk ranking by our wildfire consultant, Technosylva Uses 20-year fire-weather data overlaid on PSE assets Circuits are grouped by risk: high, moderate, low, very low HFT index scores showed mini
Slide 20: Wildfire Mitigation Initiatives and Progress
Wildfire Mitigation Initiatives and Progress Accomplished Accomplished 2025-2026 in 2024 in 2025 TARGET1 Overhead hardening 12.6 12.3 23.4 Increasing the resilience of our overhead infrastructure through conductor upgrades and the installation of covered conductor. MILES MILES MILES Pole replacement
Slide 21: Financial updates
Financial updates 21
Slide 22: PSE Revenue and Adjusted Net Income
PSE Revenue and Adjusted Net Income Revenue Adjusted Net Income and Adjusted ROE1 ($ in millions) ($ in millions) Authorized ROE to 2025 Adjusted ROE1 Adjusted Net income and Adjusted ROE1 results in 2025 were primarily driven by higher power costs, capital related items, Colstrip closure disallowan
Slide 23: Growing Capex to Support System Safety, Reliability, and Clean Energy
Growing Capex to Support System Safety, Reliability, and Clean Energy 2026-2030 capital expenditures Historical and Projected Capital Expenditures (PE)1 are focused on: ($ in millions) Actual Projected Reliability and resiliency System safety Clean generation resources Capacity resources Grid modern
Slide 24: Credit Ratings and Outlooks
Credit Ratings and Outlooks All rating agencies affirmed or acknowledged PSE and PE credit ratings with stable outlooks in February 2026 Agencies acknowledged a constructive Washington regulatory environment, including the 2024 GRC outcome, progress on wildfire risk mitigation, PSE’s increasing capi
Slide 25: Manageable Debt Profile, Ample Liquidity
Manageable Debt Profile, Ample Liquidity In March 2025, PE issued $600M 5.725% 10-year senior secured notes In September 2025, PSE issued $500M 5.598% 30-year senior secured notes PSE sold $91.5M in Investment Tax Credits (“ITCs”) in December 2025, representing a partial sale of credits generated fr
Slide 26: Concluding Takeaways
Concluding Takeaways Pure Play Vertically Integrated Utility Constructive Regulatory Environment Clean Energy Leader, Supported by State Policy Trusted by Customers, Focused on Affordability Wildfire Risk Mitigation Progress Continues Committed To Investment Grade Ratings 26
Slide 27: Appendix
Appendix 27
Slide 28: PSE leadership team
PSE leadership team Name and role Photo Comments Name and role Photo Comments Mary Kipp • Joined PSE in 2019 Jamie Martin • Joined PSE in 2024 President & CEO • 20+ years of industry SVP and Chief • 20+ years industry experience Financial Officer experience • Previously president and • Previously se
Slide 29: PSE leadership team, cont.
PSE leadership team, cont. Name and role Photo Comments Name and role Photo Comments Josh Jacobs • Joined PSE in 1998 Jon Piliaris • Joined PSE in 2008 VP, Clean Energy • Previously served as PSE’s VP, Regulatory Affairs • 30+ years of industry Strategy and Planning director of Generation and experi
Slide 30: WUTC Commissioners
WUTC Commissioners Name, party, Photo Biography The Washington Utilities and role, and tenure Transportation Commission (“WUTC”) is a • Appointed by Gov. Bob Ferguson in Jan. 2025 three-member commission appointed by • Most recently held leadership roles in supply chain Brian Rybarik (D) integrity,
Slide 31: Historical GRC Outcomes
Historical GRC Outcomes In the final 2024 GRC Order, the WUTC acknowledged the importance of the Company’s financial health and approved more than 80% of the requested revenue increase $’s in millions 2025 Total 2026 Total Grand Total PSE Request (Rebuttal) $591.2 $221.6 $812.8 Approved $436.4 $224.
Slide 32: WA State Government
WA State Government State government Executive Branch officials Governor: Bob Ferguson (D) Attorney General: Nick Brown (D) Commissioner of Insurance: Patricia Kuderer (D) Public Lands Commissioner: Dave Upthegrove (D) Legislature Democrat Senate Majority: 30 – 19 Democrat House Majority: 59 – 39 Se
Slide 33: Non-GAAP Financials Reconciliation of PSE Net Income and ROE
Non-GAAP Financials Reconciliation of PSE Net Income and ROE Numbers is Provided Below Line ($ in millions) 2020 2021 2022 2023 2024 2025 1 Net Income $274 $336 $491 $131 $346 $459 2 Unrealized (gain) loss on derivative instruments, net 27 (14) (261) 284 (34) 0 3 After tax impact (line 2 * (1-21%))